The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1887-12-08

agreed upon. Tne only provision of law
from which such a power could be derived
is found in an appropriation bill passed
number of years ago; and it is subject to
the suspicion that 1t was intended as tenn
porary and limited in its application instead
of comforting a continuing discretion and
authority. No condition ought to exist
which would justify the grant Of power to
a single official, upon his Judgment Of los
necessity, to withhold from or release to the
business of the people, in an unusual man
ner, money held in the treasury and thus
aff0ct at his will the financial situation Of
the country and if it is deemed wise to
lodge in the secretary OF the treasury the
authority in the present juncture to pur-
chase bonds, it should be plainly vested and
provided as far as possible with such checks
and limitations as will define this officials
right and discretion and at the same time
relieve him from undue responsibility.
In considering the question Of purchasing
bonds as a means of restoring circulation the
surplus money accommodating in the treasury
it should be borne in mind that premiums
must Of course be paid upon such purchase,
that there may be a large part of these bonds
held as Investment which cannot be pur-
chased at any price, and that combinations
among holders who are willing to sell, may
unreasonably enchance the cost OF such
bonds to the government.
It has been suggested thaG the present
bonded debt might be refunded a5 less rate
Of interest, and the difference between the
old and new security paid in cash, thus find
ing use for the surplus in the treasury. The
success Of this plan, it is apparent, must de-
pend upon the volition Of the holders Of the
present bonds; and it is not entirely certain
that the inducement which must be. offered
them would result in more financial benefit
to the government than the purchase of the
bonds, while che latter proposition would re-
duce the principle Of the debt by actual pay
ment instead of extending it.
The proposition to deposit the money held
by the government in banks throughout the
country for use by the people, is, it seems to
me, exceedingly Objectionable in principle,
as establishing too close relationship be-
tween the operations Of the government
treasury and the business Of the country
and too extensive q commingling Of their
money, thus fostering an unnatural reliance
in private business upon public funds. II
this scheme should be adopted it should
only be- done as a temporary expedieut to
meet An urgent necessity. Legislative and
executive effort should generally be in the
opposite direction, and should have ten
dency to divorce as much and as fast as can
safely be done, the treasury department.
from private enterprise. OF course it is
not expected that unnecessary and extrava-
CANT appropriations will be made for the
purpose of avoiding the accumulation Of
any excess of revenue Such expenditure,
besides the decentralization of all just con-
ceptions of public duty which il entails,
stimulates habit Of reckless improvidence
not in the least consistent with the mission
of our people on the high aud benehcent
purposes of our government shall deem
it my duty to thus bring to the knowledge
of my countrymsn, as we'll as to the atten.
tion of their representatives charged with
the responsibility Of legislative relief, the
gravity of our financial situation. The
failure of the congress heretofore to pro-
vide against the dangers which il was quite
evident the very nature OF the difficulty
must necessarily produce, caused a condi-
tion Of financial distress and apprehension
since your last adjournment, which taxed
to the utmost all the authority and expe-
dent within executive control; and these
app6ur now 10 Uo 0AuduSbou. II ulhdsJoT E6-
suits from the continued inaction Of oon-
gress, the responsibility must rest where it
belongs.
Though the situation thus far considered
.s fraught with danger, which should be
FULLY realized, and though it presents fea-
lures Of wrong to the people, as well as
peril to the country, it Is but result grow
ing out of a perfectly palpabls and appar-
ent cause, constantly reproducing the same
alarming Giro lmstauc9s-a congestod Ma
tional treasury and a depleted monetary
condition in the business of the country. 1t
need hardly be stated that while the present
situation demands remedy, we can only
be saved from like predicament in the
future, by the .mreoval of its cause. Our
scheme of taxation by means of which this
needless surplus is taken from the public
treasury, consists Of tariff or duty levied
upon importions from abroad and internal
taxes lived on the consumption of tobacco
and spirituous and malt liquors.
It must be conceded that none of the
things subjected to internal revenue taxa
tion are, strictly speaking necessarIes
there appears to be no just complaint OF
this taxation by the consumers of these
articles, and there seems to be nothing SO
we'll able to bear the burden without hard
ship to any portion of the people. But our
present tariff laws, the vicious, inequitable
and illogical source of unnecessary taxa
tion, ought to be at once revised and
amended These laws as their primary and
plain effect. raise the price to consumers of
all articles imported and subject to duty,
by precisely the sum paid for such duties
kha 0f tha- dtrkV he
tax paid by those who purchase for use
these imported articles. Many Of these
things, however, are raised or manufactured
in our own country, and the duties now
levied upon foreign goods and products are
called protection to these home manufAo-
turers, because they render it possible for
those Of our people who are manufacturers
to make these taxed articles and sell them
for price equal to that demanded for the
imported goods that have paid customs
duty.
80 1t happens that while comparatively q
few use the imported articles millions OF
of our people who use and never saw any Of
the foreign products, purchase and use
things Of the same kind made in this coun-
try, and pay therefor nearly or quite the
same price which the duty adds to the i'm.
ported articles. Those who buy imports
pay the duty charged thereon into the pub
lic treasury, but the great majority OF our
citizens who buy domestic articles OF the
same class, pay a sum at least approx.
matly equal to this duty to the home manu-
facturer This reference to the operation
Of our tariff laws is not made by way OF
instruction, but in order that we may be
constantly reminded of the manner in which
they impose a burden on those who con-
sumo domestic products, as well as those
who consume imported articles, and thus
create tax upon all our people.
1t is not proposed to entirely relieve the
country Of this taxation; it must be exten-
sively continued as the source Of the govern
ment's income; and In q eadjuatment Of our
tariff the interests Of American labor en-
gagged in manufacture should be carefully
conaidarad M we'll az the nraaarv vation NJ o.,r